Published first on Econsultancy.
Gone are the days when social media was seen as the magic bullet, the free media for broadcast marketing.
Now firmly embedded in major organisations worldwide as a means for building an online fan base, our understanding and use of social media is evolving.
The currency of a fan has devalued in a world where algorithms penalise organic brand reach and where the emphasis is increasingly on creating loyalty and advocacy through unified and personalised customer experiences.
Brands are recognising that whilst social media holds value as a broadcast medium, it is also, more importantly, a rich data source and 1:1 communication channel which can be integrated into their CRM and personalisation strategies.